The International Monetary System: A Time of Turbulence

By Jacob S. Dreyer; American Enterprise Institute for Public Policy Research | Go to book overview

Commentary

Ralph C. Bryant

The papers by Edward Bernstein and Michele Fratianni contain perceptive comments about the role of the dollar as an international reserve asset and, in Bernstein's case, insights about the balance of payments of the United States. Instead of focusing my discussion on points with which I disagree, I shall amplify several of the themes raised by the papers and in so doing try to extend the argument and put the issues in a broader perspective. My remarks also have a bearing on several of the topics discussed elsewhere in this volume.

Political Pluralism and Economic Interdependence. Fratianni speaks of a "weakening of the dollar standard" and the increasing failure of the dollar to play the role of a "dominant money." Bernstein, too, although in a less sweeping way and with more qualifications, sees a relative decline in the role of the dollar as an official reserve asset. I believe it is important to analyze the changes in the dollar's status against the background of a pervasive secular trend characteristic of all aspects of international relations. That trend could be described, to use the shorthand cliché, as the declining political hegemony of the United States. A more accurate characterization, however, would be "increasing political pluralism" -- a situation in which one nation or a few nations no longer effectively dominate international decision making.1

____________________
1
It is germane to recall that the Bretton Woods agreement establishing the International Monetary Fund and the World Bank was effectively negotiated by just two nations, Great Britain and the United States. Gardner's book on those negotiations of the 1940s starts by quoting a little rhyme he says he found on a yellow scrap of paper in the British archives: "In Washington Lord Halifax / Once whispered to Lord Keynes / It's true they have all the money bags / But we have all the brains." Whatever the distribution of brains and money in 1945-1946, it is abundantly clear that the situation is very different some thirty or forty years later. To appreciate the difference, one need only contrast the Committee of Twenty and the Interim Committee discussions of recent years with the tenor of the negotiations at that earlier time. See Richard N. Gardner, Sterling-Dollar Diplomacy, expanded ed. ( New York: McGraw-Hill, 1969).

-454-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The International Monetary System: A Time of Turbulence
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 523

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.